【摘要】 基于国有企业混合所有制改革实践，以2015至2019年我国沪深A股国有上市公司数据为样本，从股权结构和高层治理两个维度探讨非国有股东治理与国有企业现金股利政策的关系。研究发现，股权层面的简单混合对国有企业现金股利政策没有显著影响，非国有股东通过委派董事、高管积极参与国企治理，能有效提升国有企业现金股利支付水平。进一步研究表明，非国有股东治理对国有企业现金股利政策的影响在竞争性国企中更为显著。更多还原

【Abstract】 On the basis of the practice of mixed ownership reform of state-owned enterprises, taking the data of state-owned listed companies in the stock markets of Shanghai and Shenzhen from 2015 to 2019 as samples,the relationship between non-state shareholder governance and cash dividend policy of state-owned enterprises is discussed from two perspectives of equity structure and senior governance. The study finds that the simple mixing of equity has no significant impact on the cash dividend policy of state-owned enterprises, but the cash dividend payment level of state-owned enterprises can be improved through the appointment of directors and executives by non-state-owned shareholders to actively participate in the governance of state-owned enterprises. Further research shows that the impact of non-state-owned shareholder governance on cash dividend policy is more significant in competitive state-owned enterprises.更多还原